Knoxville Leaders Celebrate New Affordable Housing Development in Inskip Neighborhood
KNOXVILLE, TN – The city is bustling with excitement as local leaders cut the ribbon on a brand new apartment complex offering much-needed affordable housing in the Inskip neighborhood. The Central Terrace Apartments, developed by Southeast Capital and constructed by Davie Construction Co., promise to bring 112 new housing units to Knoxville. This significant investment is a part of the city’s ongoing effort to provide housing solutions for residents of varying income levels.
Details of the Development
Located at 4510 Fennel Road, the 147,616-square-foot complex consists of 56 three-bedroom units and 56 two-bedroom units. The apartments are designed with convenience in mind, featuring washer and dryer hookups, fully equipped kitchens with dishwashers, stoves, microwaves, and refrigerators. Additionally, the complex offers onsite management and maintenance services. Essential utilities like water, sewer, and trash are also included in the rent.
Income-Based Housing
The rent for these new homes is listed at $1,500 for two-bedroom units and $1,327 for three-bedroom units. However, the apartments are part of an income-based housing initiative, meaning many residents use vouchers, ensuring they pay no more than 30% of their income on housing. This approach makes it possible for low- to moderate-income families to find comfortable and affordable living spaces.
City’s Investment and Goals
The City of Knoxville supported the development with a $2,065,000 investment from its Affordable Rental Development Fund. This funding highlights the city’s commitment to reducing racial disparities in the housing market and addressing the growing need for affordable housing options. Knoxville’s Mayor Indya Kincannon emphasized the importance of such initiatives, stating, “Our community needs new housing at all price points, but especially for low- to moderate-income families.”
Additional Projects by Southeast Capital
Central Terrace is not the only project in Southeast Capital’s portfolio aimed at enhancing the city’s affordable housing landscape. Other noteworthy developments include the Ammons at Asheville Highway and Inskip Flats, further demonstrating the developer’s dedication to making Knoxville a more inclusive city.
Need for Affordable Housing
Affordable housing remains a pressing issue in Knoxville. According to a recent report, the city’s average rent is slightly above the national median and has increased by a whopping 47% since 2019. Developments like Central Terrace Apartments are crucial in addressing this growing concern and providing viable solutions for families in need.
With projects like these, Knoxville continues to build a future where everyone has access to safe, beautiful, and affordable homes.
